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  "documentTitle": "Bob Evans Farms, Inc. (BOBE)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2016-08-22 00:00:00",
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  "notes": "The slide discusses corporate restructuring mechanisms (spin-off, split-off, Reverse Morris Trust) in the context of tax optimization.",
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      "text": "While we are not specifically advocating one option over the other, a spin-off of Bob Evans Restaurants merits further discussion and we believe a spin-off of Bob Evans Restaurants could be effected on a tax-free basis",
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      "text": "Spin-off or split-off of BEF Foods\n\"Sponsored\" spin-off of BEF Foods\nReverse Morris Trust with BEF Foods or Bob Evans Restaurants\nSpin-off of Bob Evans Restaurants",
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      "text": "If Bob Evans were to spin-off (or sell, for that matter) Bob Evans Restaurants, the existing parent company Bob Evans would in essence become the stand-alone BEF Foods business and thus a pure-play packaged foods company, which should trade in line with other packaged foods companies; given the previously-mentioned scarcity value of packaged foods companies, coupled with the rampant industry consolidation taking place, the parent company could trade at a multiple possibly in excess of Hormel, its most comparable peer",
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      "text": "While we believe there is a compelling industrial logic to separating Bob Evans Restaurants and BEF Foods into two distinct companies, the Company needs to be mindful of tax matters. We believe the following are some taxably-favorable options available to Bob Evans",
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